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Which is better, IFRS or GAAP?

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Question added by Mohanand Mochlih , Financial Manager , Sama Al Sham
Date Posted: 2013/07/09
Mohanand Mochlih
by Mohanand Mochlih , Financial Manager , Sama Al Sham

Both of the frameworks share a similiar objective of providing economic users with useful financial information but the difference lies in the scope of each framwork, U.S.
GAAP provides different objectives for business and non- business entities, while the IASB framwork doesn't differentiate entities.
the going concern and accrual basis assumptions are given less important uneder U.S.
GAAP relative to the IASB Framework.

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